What to know:
- Sigma Capital, an early-stage venture firm, has unveiled a $100 million fund which will be focused on Web3 startups.
- The Dubai-based company is attempting to capitalize on the United Arab Emirates’ reputation as a crypto hub.
Sigma Capital, a company specializing in early-stage investments, recently announced a new fund worth $100 million, with a focus on supporting businesses working within the realm of Web3 technology.
A company based in Dubai is trying to take advantage of the UAE’s status as a prominent center for cryptocurrencies, as stated in an email notification sent on Tuesday.
The investment will prioritize areas such as Decentralized Finance (DeFi), digital asset tokenization, and the underlying technology of blockchains, achieved through overseeing a collection of easily tradable tokens.
Over the past year, Dubai has been competing to establish itself as a leading international cryptocurrency center, joining cities like Singapore and Hong Kong in this endeavor. This goal has been pursued by implementing relatively straightforward regulations. Consequently, prominent digital asset exchanges such as Binance, Crypto.com, and OKX have received approvals in Dubai during the last year.
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2025-01-14 13:15